The inhabitants of Manhattan departments are experiencing some relief after two years of increases in costs led rents for tenants near a new high peak.
The average monthly rent fell 2.8% in February compared to the same period last year to $ 3,100, according to a report by the appraiser Miller Samuel Inc. and Douglas Elliman Real Estate agency. It was the sixth consecutive decline. The unemployment rate rose from 1.69% to 1.78%, although it also increased concessions owners.
Owners in Manhattan stepped back after 23 months in which prices rose to make up lost ground during the recession. The average rents increased 15% since the low point in November 2009 and were approaching the 2006 peak of U.S. $ 3,265 per month before starting down in September. Some tenants are being drawn to the sales market, while those who remain tenants resist higher prices, according to Jonathan Miller, president of Miller Samuel based in New York.
"The owners were moving and advancing and advancing, not ceded under any circumstances and in any way," said Gary Malin, president of Citi Habitats agency, which also published a report on the rental market in Manhattan today. "They assumed that they could go on."
Buyers rushed to realize acquisitions in both an increase in mortgage rates near record lows since May threatened to expensive houses. In the fourth quarter, sales of condominiums and condominiums in Manhattan reached their highest for 25 years from which all records are kept, according to Miller Samuel and Douglas Elliman. Rising agreements contributed to raising the unemployment rate department and reduce some of the power of the owners at the time of pricing, Miller said.